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EUR/JPY: downside bias - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Japanese Yen strengthened amid risk aversion, leading to a decline in the EUR/JPY that accelerated in the American afternoon.

    Key Quotes:

    "The risk towards the downside has increased, as in the 1 hour chart, the technical indicators head south below their mid-lines. In the same chart however, the 100 SMA heads north below current price, offering an immediate support around 130.80."

    "In the 4 hours chart, the pair has filled a gap left at the weekly opening, while the technical indicators are losing bearish strength below their mid-lines, suggesting additional confirmations are required to see a downward move this Wednesday."
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